Beijer Ref AB has acquired Lumelco SA strengthening the Group's position in Southern Europe.
Lumelco was founded in 1963 and is today one of the leading companies in the sale of air conditioning products with operations in Spain and Portugal.
The company focuses on the distribution of leading brands in both the private and professional segments.
Lumelco works closely with Mitsubishi Heavy Industries and has had exclusive rights to distribute the brand for more than 35 years.
Lumelco distributes other leading brands in solar heating systems and industrial warming products.
Based in Madrid, Lumelco has a total of 65 employees. Operations will continue under the Lumelco brand.
Beijer Ref acquires Lumelco mainly from Lumbreras family and Diana Capital, a Spanish private equity fund.
Beijer Ref CEO, Per Bertland, said the acquisition is in line with the company's strategy.
"The need for air conditioning is increasing, especially in southern Europe. With this acquisition we further strengthen our business with a distributor who is closely linked to one of our major brands within HVAC - Mitsubishi Heavy Industries,” Bertland said in a statement.
“We already distribute MHI Brand Air Conditioners and Heat Pump products in Great Britain, Ireland, Holland, the Nordics, Hungary, Australia and New Zealand. Now we are adding Spain and Portugal, which is very welcome."
Last month, Beijer Ref AB and Mitsubishi Heavy Industries Air Conditioning Europe Ltd completed the formation of a joint venture 3D Plus, where Beijer Ref is the majority owner.
The 3D Plus head office is in Slough with planned regional offices across the UK and Ireland.
“The UK and Ireland markets are important to us and we continuously look at different ways of growing our market share with key partners,” Bertland said.